Aequs Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Aequs Ltd trades at ₹228, in a confirmed uptrend and 11 weeks into that stage. That is +31.0% against its own 200-day average. It sits at 85% of a 52-week range of ₹117 to ₹249. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 21 straight weeks.

Today the stock is in a confirmed uptrend — week 11 of stage 2, confirmed. At ₹228 it trades +31.0% versus its 200-day average and sits at 85% of its 52-week range (₹117–₹249).

Against the market, two honest reads. Cumulative: over the last 7 months the stock moved +55% while the NIFTY 500 moved −1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 21 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: how the P/E reads against its own history.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

P/E does not price Aequs Ltd — earnings are negative, so there is no multiple to rank against its own history. The revenue and margin lines below are where a turn, when it comes, would show first. On sales the market values Aequs Ltd at 12.5× its FY26 revenue of ₹1,230 Cr.

With earnings negative, P/E does not price — there is no multiple to rank against its own history. The revenue and margin lines below are where the turn, when it comes, will show first.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Aequs Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

40.5/100 — rank 24 of 24 in Aerospace & Defence - Equipments · 48% evidence confidence · provisional, ranked below fully-evidenced peers

Aequs Ltd scores 40.5 out of 100 against the 24 companies it is compared with in Aerospace & Defence - Equipments, ranking 24. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 15.2 + 5.3 + 10 + 10 = 40.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Aequs Ltd reported ₹367 Cr of revenue in the Mar 26 quarter, +47.4% year on year. That is the 2nd straight quarter of year-on-year growth. Over 3 years it has compounded at 14.8% a year. The last full year, FY26, came in at ₹1,230 Cr. The last four reported quarters add to ₹1,224 Cr.

Aequs Ltd reported ₹367 Cr of revenue in the Mar 26 quarter, +47.4% year on year. That is the 2nd straight quarter of year-on-year growth. Over 3 years it has compounded at 14.8% a year. The last full year, FY26, came in at ₹1,230 Cr. The last four reported quarters add to ₹1,224 Cr.

FY26 revenue came in at ₹1,230 Cr (+33.0% on the year), capping 3 years at 14.8% compound. The latest quarter (Mar 26) printed ₹367 Cr, +47.4% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +49.1% growth against the decade's 14.8% — the current year is running faster than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 1.0% this quarter (−9.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Aequs Ltd's operating margin is 1.0% in the Mar 26 quarter, −9.0 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved −2.0 percentage points. Across 4 fiscal years the operating margin has ranged 5.0% to 13.0%. The current quarter is running below every full year in that window.

Aequs Ltd's operating margin is 1.0% in the Mar 26 quarter, −9.0 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved −2.0 percentage points. Across 4 fiscal years the operating margin has ranged 5.0% to 13.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is 1.0%, −9.0 pp against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 5.0%–13.0%.

🚨 Why the margin moved: operating margin went −2.3 pp year on year while gross margin went −0.8 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit −700.0% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Aequs Ltd posted a net loss of ₹54.0 Cr in the Mar 26 quarter. The full FY26 year was a loss of ₹113 Cr. That loss is 14.7% of the quarter's revenue. The same quarter a year earlier lost ₹40.0 Cr.

Aequs Ltd posted a net loss of ₹54.0 Cr in the Mar 26 quarter. The full FY26 year was a loss of ₹113 Cr. That loss is 14.7% of the quarter's revenue. The same quarter a year earlier lost ₹40.0 Cr.

Mar 26 profit was ₹−54.0 Cr, −700.0% year on year. On the full year, FY26 printed ₹−113 Cr (null).

→ Profit rose — but did the cash follow?

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Aequs Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY26 that was ₹−99.0 Cr of operating cash against ₹−113 Cr of profit. After ₹367 Cr of capital spending, ₹−466 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹−99.0 Cr against reported profit of ₹−113 Cr, leaving free cash of ₹−466 Cr after ₹367 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the bigger cash user is investment — capital spending ran 2.3× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹812 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Aequs Ltd's cash conversion cycle runs 259 days in FY26, up from 146 days in FY23. Capital spending ran ₹812 Cr over the last 3 years. At FY26 sales of ₹1,230 Cr each day of that cycle holds about ₹3.4 Cr, so roughly ₹873 Cr sits inside the business at any moment.

FY26: debtors at 78 days, inventory at 419 days — roughly 13.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 259 days, looser than FY23's 146.

The full loop: cash goes out to suppliers and production on day 0; stock waits 419 days to sell; customers pay about 78 days after that; and suppliers themselves are paid at 238 days — netting out to the 259-day cycle.

In money terms: at FY26 sales of ₹1,230 Cr, each day of the cycle holds about ₹3.4 Cr — so the 259-day loop keeps roughly ₹873 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹812 Cr over the last 3 fiscal years against ₹349 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹79.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 2% and the ROIC − WACC spread is −13.6 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Aequs Ltd earns a ROCE of 2% in FY26. That is up from a trough of 1% in FY25. Return on invested capital clears the cost of that capital by −13.6 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is −9.2% net margin on 0.46× asset turns.

FY26 ROCE is 2%, recovered from a FY25 trough of 1% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): −9.2% net margin × 0.46× asset turns × 1.81× balance-sheet leverage ≈ −7.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: −1.6% − 12.0% = a −13.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.47.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Aequs Ltd carries total debt of ₹701 Cr against shareholder equity of ₹1,486 Cr as of Mar 26, a debt-to-equity of 0.47. On the annual view that ratio went from 1.10 in FY25 to 0.47 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹701 Cr against shareholder equity of ₹1,486 Cr — a debt-to-equity of 0.47. On the annual view, debt-to-equity went from 1.10 (FY25) to 0.47 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Aequs Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Aequs Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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